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Global Boat Steering Systems Market to Reach $1.7 Billion by 2026

While demand for ships and large vessels is being driven by increase in goods transportation requirements of modern logistics enterprises, consumer-class vessels are gaining traction amid growing aquatic and marine tourism volumes and increased penchant among individuals to buy personal vessels for leisure and entertainment purposes. Rising demand for vessels of various sizes and configurations is enhancing the market prospects for boat builders, worldwide. Amid the COVID-19 crisis, the global market for Boat Steering Systems estimated at US$1.3 Billion in the year 2022, is projected to reach a revised size of US$1.7 Billion by 2026, growing at a CAGR of 6.8% over the analysis period. Outboard, one of the segments analyzed in the report, is projected to grow at a 7.1% CAGR to reach US$1.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Inboard segment is readjusted to a revised 6.4% CAGR for the next 7-year period. This segment currently accounts for a 23.7% share of the global Boat Steering Systems market.

The U.S. Market is Estimated at $674.9 Million in 2022, While China is Forecast to Reach $65.8 Million by 2026

The Boat Steering Systems market in the U.S. is estimated at US$674.9 Million in the year 2022. The country currently accounts for a 51% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$65.8 Million in the year 2026 trailing a CAGR of 8.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.9% and 6.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.6% CAGR while Rest of European market (as defined in the study) will reach US$71.6 Million by the close of the analysis period.

Interestingly, the pandemic has motivated certain sections of the society to spend on boating. The healthcare crisis has coerced governments across various countries to enforce lockdowns and stringent measures like social distancing norms to curtain spread of the virus. These restrictions have led to shutdown of entertainment hubs like movie theaters along with other options such as gyms and fitness centers. The highly stressful situation encouraged people to explore new ways to vacation and travel, providing a significant impetus to recreational boating activity. Boating provides families with an option to enjoy outdoors as well as avoid the crowds or interactions commonly associated with standard travel. With ever-changing government orders and social distancing guidelines, the new reality changed the way people relax and enjoy vacations. The COVID-19 pandemic presented a perfect ground for the longstanding pastime, boating. Despite continuing uncertainty associated with the pandemic, private boating activity is witnessing pockets of growth. An increasing number of people across countries have started looking for boating as an outdoor activity and a means to navigate social distancing guidelines. Fueled by tremendous demand, the boat market in the U.S. registered record sales, both online and offline, reporting massive surge in first-time customers.

Sterndrive Segment to Reach $146.9 Million by 2026

In the global Sterndrive segment, USA, Canada, Japan, China and Europe will drive the 5.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$95.2 Million will reach a projected size of US$140.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.5 Million by the year 2026, while Latin America will expand at a 6.4% CAGR through the analysis period.